Payment Protection Insurance Claims

Payment Protection Insurance claims have risen for the fifth consecutive year as customers continue to demand justice over the mis-selling scandal. The ppi problem was first exposed back in 2005 when The Citizens Advice Bureau lodged a super complaint regarding the way in which the insurance policies were being sold. As a result, The Office of Fair Trading and The Financial Services Authority investigated and found serious failings.

PPI policies are designed to cover customers in the event they are unable to make loan or credit card repayments due to ill health or redundancy. The policies can be hugely expensive, though, netting lenders £5.5 billion a year, and often have exemptions that exclude very common illnesses such as back pain and even some forms of cancer. This means that many people pay out large premiums then, when they need to make a claim, find they are unable to use the policy. In fact, a 2008 investigation, by The Competition Commission, revealed as little as 15% of all claims for financial assistance from ppi policies are successful. It is unsurprising, therefore, that so many customers are unhappy and payment protection insurance claims continue to rise.

There are many reasons why a policy may be mis-sold, but some of the common reasons for customers to make payment protection insurance claims include:

The policy being added without the customer's knowledge.

Terms and conditions not being full explained.

The customer being lead to believe they had an improved chance of getting the loan/credit if they took up the policy.

The policy being sold to a customer who was over the age of 65 or retired, unemployed or in full time education.

The full cost of the policy not being explained to the customer.

Payment Protection Insurance: what is it?

Payment Protection Insurance is a type of insurance commonly sold alongside loans, mortgages and credit cards as well as store cards and hire purchase agreements. It is designed to cover repayments in the event the insured person cannot afford to make them due to sickness or redundancy. Some other policies also provide life insurance.

Payment Protection Insurance may be known by many other names including:

Lifestyle Protect

Payment Break Plan (PBP)

Accident, Sickness, Unemployment (ASU)

Payment Protection Cover - usually on credit cards(PPC)

Mortgage Payment Protection Insurance (MPPI)

Loan Cover

Do I have it?

You may remember being sold ppi when you took out your loan or mortgage, but it is possible you have it and don't even realise. Credit card companies often charge Payment Protection Insurance on outstanding balances and, in the past, many used a system of opting out with regard to ppi. If you have ppi on your credit card, it is likely to appear as a separate charge on your monthly statements and can appear to be a relatively small amount E.g. £1 for every £100 you spend. If you owe several thousand pounds, though, and you pay these charges every month, they can soon add up.

The easiest way to find out whether you have Payment Protection Insurance is to check your original loan agreement or monthly statements. If you are still unsure a quick call to your bank or building society should confirm whether you have the cover.

Was it mis-sold?

There are many reasons why Payment Protection Insurance may be mis-sold. You may feel you were pressured into taking out the policy or were lead to believe your loan or credit application would not be accepted if you didn't take out Payment Protection Insurance. Other common ways in which policies were mis-sold include: costs and terms and conditions not being explained and customers not being asked whether they they had existing medical conditions or payment protection insurance cover already in place.

If you are still unsure whether your ppi cover was mis-sold call our Customer Care team today on 0207 471 2000.

How can I claim back my PPI?

Simply complete the quick claim form at the top of the page and we will send you out a pack with all the information you need to get started.

Could you claim loans insurance back in just 8 weeks?

Have you taken out a loan insurance policy that is expensive and unsuitable for your needs? Did you know you may be able to make a claim against your lender to get your money back?

In 2006 The Office of Fair Trading and The Financial Ombudsman Service investigated the sale of loan insurance and other payment protection policies and found severe failings across the industry.

PPI policies are meant to protect the consumer against sickness or unemployment, but they are expensive and often provide little real protection. The real problem with Payment Protection insurance, though, is that it was frequently mis-sold.

The sale of the policies are extremely profitable to the lenders, bringing in more than £5 billion a year, and this led to many using high pressure techniques and other unfair practices to force sales. policies were frequently mis-sold to customers who didn't need them or who were unsuitable for the cover due to their circumstances. Following the investigations many lenders were fined and this enabled customers to begin to claim loans insurance back.

Although a large number of people realise they have been mis-sold a policy many are worried about making a complaint fearing it will be a long process. We have helped thousands of people claim loans insurance back and we aim to make the process as quick and simple as possible. In many cases we are able to reclaim the money in just 8 weeks.

Some common ways in which policies were mis-sold include: insurance being added without the customer's knowledge, the full terms and conditions not being explained to the customer or the full cost of the policy not being made clear. Policies were also frequently sold to customers whose circumstances made them unsuitable - for example customers with existing medical conditions; customers who were unemployed, retired or in full time education and customers who were over the age of 65.

If you'd like to join the hundreds of people making successful payment protection insurance claims, simply fill in the quick claim form at the side of the page. We'll send you out a claim pack with everything you need to get started. Have a question? Don't hesitate to contact our customer care team on 0207 471 2000.

Payment Insurance: think you're protected?

If you have taken out a loan, mortgage or credit card in the last 10 years then the chances are you have been offered some kind of payment protection insurance (PPI). Some banks use different names like Lifestyle Protect; Accident, sickness and employment cover or Lifechoices, but they all offer, with some variation, a similar type of cover.

PPI is designed to step in and take over repayments in the event you are unable to do so due to unemployment or ill health. When offered this type of cover many people find the idea reassuring, but recent investigations by The Office of Fair Trading and The Financial Services Authority have found PPI rarely offers the protection you might expect. As a result of these investigations many people have made a payment protection claim.

A high number of Exemptions

You may be shocked to read the small print of your ppi policy and discover just how many exemptions there are. Health issues such as back problems, stress and depression are often excluded along with other common causes of financial hardship such as relationship breakdown or the serious illness of a relative affecting your ability to work. In addition, if you suffered from a pre-existing medical condition, such as diabetes or high blood pressure, prior to taking out the policy and your condition worsens forcing you to take time off work you are unlikely to be covered. Most policies also do not cover people over the age of 65, so if you were over this age when you purchased your policy or have since turned 65 your cover may be worthless. The high number of exemptions is one major reason for the sharp rise in people making a payment protection claim.

High Costs

The way in which PPI policies have been sold in the past mean customers are often unaware of just how expensive their cover is. Frequently added to the original loan with interest applied, customers could be paying as much as 56% for this cover. On a £10,000 loan that is an extra £5,600!

Limited cover

The high number of exemptions mean as little as 15% of people who try and make a claim for financial assistance from their policy are able to do so. Those that are successful often find the help is limited to just one year and only covers the very minimum payments.

Thinking of making a payment protection claim?

If you believe your cover was mis-sold to you and you would like to make a payment protection claim we can help. We have a vast amount of experience helping customers pursuing a payment protection claim. To start your claim, simply fill out the quick claim form and we will send you all the information you need to get started. Need more information? Call our customer care team on 0207 471 2000.

Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated
claims management activities; our registration is recorded on the website www.gov.uk/moj/cmr
number 18273

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes
of staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are
no upfront costs to pay. Our fee only becomes payable on a successful outcome of
a claim. A cancellation fee is payable if you decide that having instructed Belmont
Thornton to act on your behalf, and after 14 days of signing your Letter of Authority,
you do not wish to continue pursuing your claim with us. The cancellation fee is
the reasonable costs incurred for the work undertaken. Please see our terms of engagement.